The FSOC operates under a committee structure to promote shared responsibility among the member agencies and to leverage the expertise that already exists at each agency. The FSOC forms committees around its various statutory responsibilities and core issues that relate closely to financial system risks where more than one agency has a significant interest.
The Council’s bylaws, or Rules of Organization of the Financial Stability Oversight Council, set forth the manner and procedures by which that body will be governed. They provide for a collaborative governance structure that promotes accountability for the work of the Council.
The member agencies of the Council share a collective desire to bring efficiency and transparency to the financial reform implementation process. The transparency policy approved today ensures that the Council will engage stakeholders in an open process based on consistent principles of transparency and accountability. The Council adopted a transparency policy that will include open meetings as appropriate, with provisions to close meetings in situations where the discussion includes market sensitive or confidential supervisory information.